Fuji Photo Film Co. said it plans to cut 5,000 jobs in Japan and abroad due to declining sales and weakening demand in the color film business as the company downgraded its revenue and profit forecasts for the fiscal year ending in March.

The company reported profits of 27.1 billion yen ($231 million) for the quarter through December, a 30.4 percent rise over the 20.8 billion yen posted for the same period the previous year.